McRae will not be on the bench for the Cavs' game tonight against Boston.

McRae, 25, averaged 4.4 points in 37 games this season. The 6-6 guard out of Tennessee was Cleveland's leading scorer during the preseason and is close with All-Star point guard Kyrie Irving.

The other candidate to be released was DeAndre Liggins.

"All smiles here," McRae said on his Instagram account. "Not a bad thing to say about any player or anybody that has anything to do with this organization. I'm proud to say I am a part of Cleveland's first-ever NBA championship. The memories I will take with me for the rest of my life.

"Best of luck to this great group of guys, brothers for life love you guys. Thanks Cleveland."

By waiving McRae today, he is eligible for the playoffs with another team. McRae's salary of about $875,000 became guaranteed in January. He made four starts this season.

"He was a great scorer, worked hard every day, extremely hard, and continued to get better," Cavs coach Tyronn Lue said of McRae. "You saw earlier this year he played some backup point for us, he played the 2, he played the 3, and when guys were out he was always ready to step in and fill in and play well. Hopefully he gets a chance to play on another team because he is talented and deserves to be in the NBA. Hopefully another team will give him a good look."

Bogut will sign with the Cavs eventually, now that he's cleared waivers.